Feb. 17, 2025

The number of unsold condominiums in Metro Manila, which groups the capital Manila with 16 other cities and municipalities has soared, triggering a surplus in apartments that risks slowing down the once booming property sector.

Property consultant Colliers Philippines had said 74,000 condominium units in the Metro remained unsold as of the end of 2024, an inventory that would take 8.2 years to clear. These units are currently estimated to worth P158 billion.

At a scale of 25 square meters (sq m), the size of a typical studio unit, Data Dictionary calculations showed that the number of unsold condominiums would occupy around 1.85 million sq m in area. Here's how that area looks like when each square is equivalent to 250 sq m.

The area size of unused condominiums is also equivalent to over three-quarters of the land area of Bonifacio Global City in Taguig, another prime location for condominiums in the Metro.

The Philippines' property sector has long been a reliable source of growth for the country, driven by its large business process outsourcing sector occupying office spaces, a boost in family incomes and investment from overseas Filipino remittances and until recently, offshore gambling from China that also rented offices.

But last year, Philippine President Ferdinand Marcos Jr. banned offshore gambling from operating in the country after a congressional investigation revealed numerous violations, including human trafficking, torture and cybercrime, of so-called POGOs. Marcos's order dealt a blow to property demand. The overall vacancy rate in Metro Manila alone has risen to an "all-time high" of 23.9% in 2024, Colliers had said.